On Holding AG

DB:49G Stock Report

Market Cap: €11.7b

On Holding Valuation

Is 49G undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of 49G when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: 49G (€34.4) is trading below our estimate of future cash flow value (€37.27)

Significantly Below Future Cash Flow Value: 49G is trading below future cash flow value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 49G?

Key metric: As 49G is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 49G. This is calculated by dividing 49G's market cap by their current earnings.
What is 49G's PE Ratio?
PE Ratio51.9x
EarningsCHF 203.70m
Market CapCHF 10.61b

Price to Earnings Ratio vs Peers

How does 49G's PE Ratio compare to its peers?

The above table shows the PE ratio for 49G vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average18.8x
ADS adidas
18.8x14.76%€25.1b
BOSS Hugo Boss
11x0.62%€2.5b
DECK Deckers Outdoor
14.4x3.09%US$14.8b
7936 ASICS
31.1x11.15%JP¥3.1t
49G On Holding
51.9x24.14%€13.6b

Price-To-Earnings vs Peers: 49G is expensive based on its Price-To-Earnings Ratio (51.9x) compared to the peer average (18.8x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does 49G's PE Ratio compare vs other companies in the European Luxury Industry?

5 CompaniesPrice / EarningsEstimated GrowthMarket Cap
49G 51.9xIndustry Avg. 17.8xNo. of Companies9PE01224364860+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 49G is expensive based on its Price-To-Earnings Ratio (51.9x) compared to the European Luxury industry average (17.9x).

Price to Earnings Ratio vs Fair Ratio

What is 49G's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

49G PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio51.9x
Fair PE Ratio23.6x

Price-To-Earnings vs Fair Ratio: 49G is expensive based on its Price-To-Earnings Ratio (51.9x) compared to the estimated Fair Price-To-Earnings Ratio (23.6x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 49G forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€34.40
€50.52
+46.86%
18.00%€74.33€25.91n/a26
Mar ’27€39.40
€52.52
+33.31%
17.20%€74.15€25.54n/a27
Feb ’27€38.00
€52.85
+39.07%
16.66%€73.35€26.17n/a26
Jan ’27€39.80
€52.89
+32.88%
16.37%€72.36€25.69n/a26
Dec ’26€37.30
€52.72
+41.35%
16.79%€72.18€25.62n/a27
Nov ’26€32.50
€55.28
+70.10%
14.07%€68.66€34.43n/a28
Oct ’26€34.50
€56.55
+63.92%
11.55%€68.10€34.15n/a28
Sep ’26€38.41
€56.51
+47.12%
11.55%€67.99€34.28n/a28
Aug ’26€40.49
€57.93
+43.06%
9.13%€67.85€45.36n/a27
Jul ’26n/a
€58.71
0%
8.91%€67.22€44.94n/a28
Jun ’26n/a
€58.79
0%
9.76%€67.25€44.57n/a28
May ’26n/a
€55.47
0%
11.54%€63.80€41.40n/a28
Apr ’26n/a
€58.71
0%
10.08%€68.10€40.72n/a28
Mar ’26n/a
€60.79
0%
8.37%€70.51€47.41€39.4026
Feb ’26n/a
€59.60
0%
10.02%€70.11€45.12€38.0026
Jan ’26n/a
€57.45
0%
7.55%€63.48€45.73€39.8025
Dec ’25n/a
€56.54
0%
6.98%€61.45€45.80€37.3024
Nov ’25n/a
€46.81
0%
13.81%€55.45€30.27€32.5021
Oct ’25n/a
€45.21
0%
12.18%€53.02€30.30€34.5021
Sep ’25n/a
€41.80
0%
16.11%€52.54€20.19€38.4120
Aug ’25n/a
€40.87
0%
16.14%€52.45€20.16€40.4919
Jul ’25n/a
€39.56
0%
16.80%€51.80€19.90n/a18
Jun ’25n/a
€37.20
0%
16.32%€50.93€19.57n/a17
May ’25n/a
€32.99
0%
18.59%€49.51€19.62n/a18
Apr ’25n/a
€32.69
0%
18.20%€49.74€18.98n/a20
Mar ’25n/a
€32.91
0%
17.82%€48.47€19.39n/a19
€49.18
Fair Value
30.1% undervalued intrinsic discount
26
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/03/10 06:52
End of Day Share Price 2026/03/10 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

On Holding AG is covered by 34 analysts. 24 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Jonathan KompBaird
Adrienne Yih-TennantBarclays
John StanselBerenberg